Historic mineral agreement inked – Canadian firm to invest US$1B in Aurora project
Georgetown, GINA, November 18, 2011
Source - GINA
Prime Minister Samuel Hinds, Chief Executive Officer (CEO) of Guyana Goldfields Inc Patrick Sheridan shake hands after signing the mineral agreement. GGMC Chairman Major General (retd) Joe Singh witnesses
The largest private investment in Guyana’s mining sector was signed today before President Bharrat Jagdeo and Presidential Candidate of the People’s Progressive Party/Civic (PPP/C) Donald Ramotar.
Prime Minister Samuel Hinds, Chief Executive Officer (CEO) of Guyana Goldfields Inc Patrick Sheridan and Chairman of the Board of the Guyana Geology and Mines Commission (GGMC) Major General (retd) Joe Singh were signatories to the agreement today at the Office of the President.
The accord will see investments to a tune of US$1B by Guyana Goldfields, a Canadian based company, for the development of the Aurora Mines located in the Cuyuni River, Region Seven.
The construction phase of the project will bring employment opportunities for 900 Guyanese while the ongoing exploration component will see employment exceeding over 1,000 men and women.
The agreement is similar to the recent accord between the Guyana Government and Sandspring Resources Inc for construction of the Toroparu mines in the same district and will be followed by another agreement for mining at Bonasika.
Minister of Finance Dr Ashni Singh had noted at a television panel discussion that international investor interest in Guyana is evident now more than ever before in the country’s history because of the policy environment created by the PPP/C administration over the years.
Recently President Jagdeo told residents of Adelphi during a public meeting to look forward to a bright future in the mining sector with plans by the Russian Aluminum Company (RUSAL) to expand bauxite production in the Berbice River, oil and gas exploration in the offshore area
“That will mean with all of these investments in these sectors, our revenue will practically double… that will mean major developments for New Amsterdam, Canje,… because they would have to ship ten million tonnes of bauxite out per year. They would have to build a whole range of facilities here,” President Jagdeo said.
Prime Minister Samuel Hinds, Chief Executive Officer (CEO) of Guyana Goldfields Inc Patrick Sheridan and Chairman of the Board of the Guyana Geology and Mines Commission (GGMC) Major General (retd) Joe Singh signing the Aurora mineral agreement
Manganese mining in the North West District, Region One, has been reinvigorated after agreements were sealed in March this year with Reunion Manganese Incorporated.
Sheridan said that there are at present two dozen Canadian companies now actively pursuing the next “big shout” as a result of major discovery by Guyana Goldfields in the year 2000 and combined with rising gold prices.
The company moved into the area about 15 years ago and has undertaken a number of prospecting ventures including the drilling of 1200 holes totalling 300 kilometers. It predicts production to reach a maximum of 300,000 tonnes on an annual basis.
Aurora will be the first significant underground mine in Guyana’s history and will bring new insight and strategies to exploration, skills and technology to the development of the industry.
Sheridan disclosed that the project, based on the current gold price will result through royalties and taxation, in US$1.6B directly to the Guyana Government.
President Bharrat Jagdeo and Presidential Candidate Donald Ramotar join Prime Minister Samuel Hinds, CEO of Guyana Goldfields Inc Patrick Sheridan and Chairman of the Board of GGMC Major General (retd) Joe Singh after the signing of the Aurora mineral agreement. Also in photo are Minister of Finance Dr Ashni Singh, GGMC Chairman (ag) Karen Livan and advisor Sir Shridat Ramphal
Guyana Goldfields has invested in excess of US$120M in Guyana and brought employment to 450 Guyanese. The company’s CEO said the Aurora project is the “tip of the iceberg” in “what it to become a very attractive place for foreigners to invest.”
The GGMC Chairman described today’s signing as another step in the direction of safe and “responsible exploitation of our natural resources,” and one that has been brought to fruition through a collaborative process.
Sing said the implementation process must now be done with a high level of efficiency and transparency and integrity and called for a level of skill to manage the process that is now an evolving process.
Georgetown, GINA, November 18, 2011
Source - GINA
Prime Minister Samuel Hinds, Chief Executive Officer (CEO) of Guyana Goldfields Inc Patrick Sheridan shake hands after signing the mineral agreement. GGMC Chairman Major General (retd) Joe Singh witnessesThe largest private investment in Guyana’s mining sector was signed today before President Bharrat Jagdeo and Presidential Candidate of the People’s Progressive Party/Civic (PPP/C) Donald Ramotar.
Prime Minister Samuel Hinds, Chief Executive Officer (CEO) of Guyana Goldfields Inc Patrick Sheridan and Chairman of the Board of the Guyana Geology and Mines Commission (GGMC) Major General (retd) Joe Singh were signatories to the agreement today at the Office of the President.
The accord will see investments to a tune of US$1B by Guyana Goldfields, a Canadian based company, for the development of the Aurora Mines located in the Cuyuni River, Region Seven.
The construction phase of the project will bring employment opportunities for 900 Guyanese while the ongoing exploration component will see employment exceeding over 1,000 men and women.
The agreement is similar to the recent accord between the Guyana Government and Sandspring Resources Inc for construction of the Toroparu mines in the same district and will be followed by another agreement for mining at Bonasika.
Minister of Finance Dr Ashni Singh had noted at a television panel discussion that international investor interest in Guyana is evident now more than ever before in the country’s history because of the policy environment created by the PPP/C administration over the years.
Recently President Jagdeo told residents of Adelphi during a public meeting to look forward to a bright future in the mining sector with plans by the Russian Aluminum Company (RUSAL) to expand bauxite production in the Berbice River, oil and gas exploration in the offshore area
“That will mean with all of these investments in these sectors, our revenue will practically double… that will mean major developments for New Amsterdam, Canje,… because they would have to ship ten million tonnes of bauxite out per year. They would have to build a whole range of facilities here,” President Jagdeo said.
Prime Minister Samuel Hinds, Chief Executive Officer (CEO) of Guyana Goldfields Inc Patrick Sheridan and Chairman of the Board of the Guyana Geology and Mines Commission (GGMC) Major General (retd) Joe Singh signing the Aurora mineral agreementManganese mining in the North West District, Region One, has been reinvigorated after agreements were sealed in March this year with Reunion Manganese Incorporated.
Sheridan said that there are at present two dozen Canadian companies now actively pursuing the next “big shout” as a result of major discovery by Guyana Goldfields in the year 2000 and combined with rising gold prices.
The company moved into the area about 15 years ago and has undertaken a number of prospecting ventures including the drilling of 1200 holes totalling 300 kilometers. It predicts production to reach a maximum of 300,000 tonnes on an annual basis.
Aurora will be the first significant underground mine in Guyana’s history and will bring new insight and strategies to exploration, skills and technology to the development of the industry.
Sheridan disclosed that the project, based on the current gold price will result through royalties and taxation, in US$1.6B directly to the Guyana Government.
President Bharrat Jagdeo and Presidential Candidate Donald Ramotar join Prime Minister Samuel Hinds, CEO of Guyana Goldfields Inc Patrick Sheridan and Chairman of the Board of GGMC Major General (retd) Joe Singh after the signing of the Aurora mineral agreement. Also in photo are Minister of Finance Dr Ashni Singh, GGMC Chairman (ag) Karen Livan and advisor Sir Shridat RamphalGuyana Goldfields has invested in excess of US$120M in Guyana and brought employment to 450 Guyanese. The company’s CEO said the Aurora project is the “tip of the iceberg” in “what it to become a very attractive place for foreigners to invest.”
The GGMC Chairman described today’s signing as another step in the direction of safe and “responsible exploitation of our natural resources,” and one that has been brought to fruition through a collaborative process.
Sing said the implementation process must now be done with a high level of efficiency and transparency and integrity and called for a level of skill to manage the process that is now an evolving process.
